Gift Tax query!

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vkk (Querist)
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27 February 2011 Sir,i had a query if my elder sister is giving me a house property as a gift then what would be the tax complications..

hence do also reply that whether there is exemption in tax in such situation as we are in blood relation?

please do reply as fast as possible!

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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27 February 2011 The provisions of section 56(2)(vii) inserted w.e.f. 1-10-2009 are not applicable in case the specified properties are received from a relative or in other prescribed circumstances. Therefore any house property received from sister is exempt from any tax in the hands of brother, and also sister is not liable to pay any tax.

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